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Wynn Resorts Hikes Dividend

Casino-resort operator Wynn Resorts Limited (WYNN - Free Report) recently announced its decision to hike its quarterly dividend by 25.0% to $1.25 per share next year. This brings the forward annual dividend yield, as of Nov 5, 2013, to 3.03%. The announcement for the current hike comes after about a year.

In addition to this hike, Wynn also decided to distribute a special dividend of $3.00 per share, payable on Dec 6, 2013, to stockholders of record as of Nov 20, 2013. Wynn has a history of repaying shareholders handsomely by means of regular and special dividend payment.

Prior to this, at the end of 2012, the company rewarded its shareholders with a hefty special dividend of $7.50 per share. Wynn also paid special dividends in addition to regular payments in 2010 and 2011.

At the end of the third quarter of 2013, cash and investments balance was $2.7 billion and total debt outstanding was $6.2 billion.

We appreciate WYNN Resorts’ efforts to consistently enhance long-term shareholder value even in times of an economic downturn. We believe that the additional dividend affirms Wynn Resorts’ positive outlook and reflects confidence in its fundamentals.

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